SIE practice questionmediumTenants in Common
In a tenants in common (TIC) account, which statement is TRUE?
- AUpon death, a tenant's share passes to the surviving tenants
- BEach tenant may own different percentages, and upon death their share passes to their estate✓ Correct answer
- CEach tenant must own an equal share of the account
- DThe account can only have two owners
Explanation
Why B — Each tenant may own different percentages, and upon death their share passes to their estate
In a tenants in common account, each owner may hold different percentages of the account (e.g., 60/40 or 50/25/25). When a tenant dies, their share does NOT pass to the surviving tenants — instead it goes to the deceased's estate or heirs as directed by their will. This is a key difference from JTWROS accounts. There is no limit on the number of tenants (D), and shares do not need to be equal (A).
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